Every Payer must complete a Form 1099-MISC for each covered transaction.
Payer should complete or prepare 4 copies of Form 1099-MISC:
One for the payer,
One for the payee,
One for the IRS,
And one for the State Tax Department, if required.
Payers who file 250 or more form 1099-misc forms must file all of the 1099 forms electronically with the IRS. If the fewer than 250 requirement is met payers can e file 1099 forms with IRS or can paper copies are filed.
If payer selects paper copies of 1099 forms filing option, the IRS also requires the payer to submit a copy of Form 1096, which is a summary of information forms being sent to the IRS.
The returns must be filed with the IRS by on or before January 31, 2017, when reporting nonemployee compensation payments in box 7. Otherwise, it should be e-filed by March 31, 2017
Form 1099-misc recipient copies of the returns must be sent to payees by the end of January.
The law provides various dollar amounts under which no Form 1099-misc reporting requirement is imposed. For some variants of Form 1099, for example, no filing is required for payees who receive less than $600 from the payer during the applicable year. For Form 1099-MISC in particular, businesses are required to submit a Form 1099-misc for every contractor paid more than $600 for services during a year. This requirement usually does not apply to corporations receiving payments.
E-filing 1099 forms on form1099online.com is simple, easy and cost effective. Form1099online.com is approved by IRS as their certified e-file service provider & tax partner. You can E-file IRS Forms 1099-MISC within 5 Minutes.